Silver lining over dark clouds - - MD, Bartleet Finance

by Sarath MALALASEKERA

Bartleet Finance Limited Managing Director Susantha Fernando "sees a silver lining over the dark clouds."

He emphasised that extreme caution is necessary in lending, particularly in view of the fact that all money lent by Finance Companies are public deposits.

Bartleet's Managing Director Susantha Fernando addressing the electronic and print media, on the occasion of the Company's Silver Jubilee, said the current law, as pointed out by the Central Bank Governor recently, fundamentally places the entire liability on the Board of Directors. His statement is amply reflected in the Company's Non Performing Loan (NPL) which is a mere 3.2 per cent (as per RAM rating report) against the lending portfolio of 3.2 billion. Incidentally the industry average according to the Central Bank statistics is 6 per cent.

Bartleet's Managing Director said that his Head Office and two Branches - Embilipitiya and Bandarawela, are maintaining a NPL level below 1 per cent. He praised his Senior Managers, particularly in the above Branches for their efforts in minimising bad debts.

Commenting on the macro situation, he indicated that Sri Lanka would soon come out of it in spite of our exports suffering badly due to the current world situation. The recent depreciation of the Rupee he indicated, would help the exporter to some degree, but insisted that the rupee should be kept at the current levels for the benefit of the masses.

Stressing on the importance of public trust, he said that Bartleet Finance Limited which has been in operation for the last 25 years has always met the expectations of its depositors, even today, premature withdrawals are allowed as and when requested by any depositor for an urgent requirement.

The Bartleet Managing Director saidthe necessity of proper screening of credit, particularly at this sensitive hour and maintained that there is no serious downward trend in their lending portfolio.

However, he admitted, lending to certain sectors at the present time could be risky and was hopeful the Government will assist the lending institutions to minimise this risk.

In relation to its CSR projects, he was firmly of the view that supporting the community that they do business with, particularly in relation to the poorest of the poor should be an integral part of any Company's Business Plan.

During the current year, the Company has allocated almost Rs.10 million for such activity and is particularly mindful of the poorest of the poor in the districts of Kalutara and Matara.

The Bartleet's boss insisted that a prudent credit policy and clean lending would allow any Company to overcome the current volatile situation in the country.